Micron Technology, Inc. (MU) shares surged 9.3% in after-hours trading on Wednesday following the company’s announcement of better-than-expected first-quarter fiscal 2026 results. The semiconductor manufacturer reported earnings of $4.78 per share, exceeding the Zacks Consensus Estimate by 22.25% and reflecting a 167% increase from the prior year’s $1.79 per share.
Micron’s revenues climbed 56.7% year over year to $13.64 billion, surpassing expectations by 7.26%, driven by high demand for high bandwidth memory (HBM) products. For the second quarter of fiscal 2026, Micron projected revenues of $18.7 billion (+/-$400 million) and a non-GAAP gross margin of 68%, significantly exceeding the Zacks Consensus Estimate of $13.74 billion. The guidance also included an anticipated adjusted EPS of $8.42, compared to a predicted loss of $4.47 per share.
Additionally, Micron’s DRAM revenues reached $10.8 billion, accounting for 79% of total revenue, with a 69% year-over-year increase. The company’s non-GAAP gross profit was $7.75 billion, yielding a gross margin of 56.8%, up from 39.5% in the previous year.
